Horizon Minerals (ASX:HRZ) has poured its first gold bar from the Phillips Find Gold Project in Western Australia after processing the first ore stockpile on February 19.
Production is expected to take six weeks, where 40,000 tonnes of ore will be treated.
Horizon Minerals, which has a market capitalisation of $136.92 million, will provide an update on the ore tonnes and grade milled, as well as gold ounces produced and average gold sale price for this campaign once processing is completed and reconciled.
CEO Grant Haywood says the company is excited to build on this gold pour as production ramps up at Phillip Finds and Boorara to generate value in a high gold price environment.
“The first gold pour from Phillips Find marks another significant milestone for our team and stakeholders,” Haywood says.
“This follows pouring our first gold bars and receiving revenue from our Boorara Gold Project last month.”
Under a toll milling agreement with FMR Investment Greenfields Mill, Horizon is focused on processing 200,000 tonnes of ore between February and June 2025.
The second ore processing campaign is scheduled to begin in April 2024.
Horizon Minerals is an emerging mid-tier gold producer focused on its extensive gold project portfolio located in the Western Australian Goldfields region.
Yesterday, the gold price slightly dropped below US$2,910 per ounce ($4,587.33) as investors booked profits following a record-breaking session, according to Trading Economics.
Gold is currently sitting at $4,619 per ounce as of 9.15am AEDT this morning, as reported by ABC Bullion.
Write to Aaliyah Rogan at Mining.com.au
Images: Horizon Minerals
